October 26, 2023
Japan-Fiji Finance Dialogue (October 26, 2023)
Japan-Fiji Finance Dialogue
On October 26, 2023, in Suva, Republic of Fiji, the Ministry of Finance of Fiji and the Ministry of Finance of Japan held the first Japan-Fiji Finance Dialogue (the Fijian side was led by Honorable Professor Biman Prasad, Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics and the Japanese side was led by Mr. Kanda, Vice Minister of Finance for International Affairs). During the dialogue, both sides exchanged views on the performance of both the global and Fijian economies, Fiji’s policy challenges, and cooperation between Japan and Fiji. The outcomes of the dialogue are summarized in the “Joint Press Release Japan-Fiji Finance Dialogue(PDF:80KB)”.
The summary of Joint Press Release is as follows.
- Both sides exchanged views on the performance of both the global and Fijian economies, Fiji’s policy challenges, and cooperation between the two countries. Japan welcomed Fiji’s commitment to fiscal consolidation to strengthen debt sustainability. Japan committed to expanding capacity development activities for strengthening Fiji’s revenue collection capacity.
- Both sides discussed the importance of enhancing financial integrity in the region to promote integration into the global financial system, thereby advancing financial inclusion. Japan, as a next co-chair of the Asia/Pacific Group on Money Laundering (APG), is supporting capacity development in the Pacific region through the APG.
- Both sides discussed how climate change has been threatening Fiji, and Pacific Island States more generally, and highlighted the important role played by disaster risk financing. In this regard, Japan welcomed Fiji’s progress toward contracting disaster risk insurance under the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI). In addition, both sides concurred to explore the possibility of formulating Stand-by Loan for Disaster Recovery and Rehabilitation Phase 2.
At the margin of the dialogue, Vice Minister Kanda also had a meeting with Honorable Manoa Kamikamica, Deputy Prime Minister and Minister for Trade, Cooperatives, Small and Medium Enterprises and Communications.
Vice Minister Kanda and Deputy Prime Minister Prasad
Vice Minister Kanda and Deputy Prime Minister Kamikamica